Car radiator supplier Advanced Radiators has moved to a new site in Washington with the support of a six-figure funding package from Lloyds Bank Commercial Banking.
The company, which is co-owned by brothers Mark and Philip Riches, has moved to new 26,000 sq ft premises, doubling stock capacity and available floor space. The increased capacity allows it to undertake more national contracts and increase exports to new markets.
The business has also purchased new manufacturing equipment using an additional six-figure asset finance facility provided by Lloyds Bank. The equipment includes an industrial guillotine to cut sheet metal, an industrial oven and a paint booth.
Philip Riches said: “We hope this move will take our business to the next level. Owning our own facility has always been a big ambition for us as a family.
“We aim to provide the best workplace possible for our team and are looking forward to using our new equipment and increased numbers to take on bigger contracts and explore new opportunities overseas.
“We’re now very lucky to be based in one of the most important automotive manufacturing hubs in the UK. The support we’ve received from Lloyds Bank, combined with our own investment, has meant we’re perfectly positioned to continue building the company our father Keith Riches and his business partner Ian McKay started in 1982.”
Chris Middleton, relationship manager at Lloyds Bank Commercial Banking, added: “It has been extremely rewarding to be at Mark and Philip’s side as they’ve realised their ambitions. I’m excited to see where they take the business from here.
“The asset finance facility we provided Advanced Radiators, for instance, is a great way for businesses to buy new equipment. There is no requirement for a lump sum up front, meaning firms can invest in growth, all while protecting their working capital.”
Jonathan Simpson, Director at CPNE acted for the vendor.